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business, continue to grow and at the same time make sure we solve this fiscal cliff. each and every day as we walk the halls you continue to ask the question. we want the answers solving fiscal cliff. we put be a offer on the table. the president now has to engage. i think the next 72 hours are critical. he sits back and continues to play politics, that will give you answer of where we're going. this is an opportunity for this country to lead. this is an opportunity for the president to lead. >> as fiscal cliff negotiations and debate continues, i think it's important to remember that washington doesn't have a revenue problem. it has a spending problem. under this administration under president obama we have seen record deficits and a record debt accumulate and yet he keeps demanding that we raise taxes -- >> those are some of the republican leadership in the house as you can see responding to the white house's response to their counteroffer of a couple days ago as a reminder the president is going to speak to the business roundtable at 10:50 this morning. we think he
business, continue to grow and at the same time make sure we solve this fiscal cliff. each and every day as we walk the halls you continue to ask the question. we want the answers solving fiscal cliff. we put be a offer on the table. the president now has to engage. i think the next 72 hours are critical. he sits back and continues to play politics, that will give you answer of where we're going. this is an opportunity for this country to lead. this is an opportunity for the president to lead....
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. >>> if we go over the fiscal cliff, global business travel association estimates that u.s. biz travel spending will take a $20 billion hit in the short term. but how about the long term outlook? find out next. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. >>> what are the long term effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting
. >>> if we go over the fiscal cliff, global business travel association estimates that u.s. biz travel spending will take a $20 billion hit in the short term. but how about the long term outlook? find out next. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the...
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we want to listen to speaker boehner making comments right now on the fiscal cliff. >> small business owners are regular men and women from all backgrounds who in today's economy are facing challenges on a daily basis. the president's tax increase would be another crippling blow for them while doing little to nothing to solve the bigger problem here which is our national deficit and our national debt. this debt doesn't exist because we don't tax small businesses enough. it exists because washington continues to spend too much. raising taxes on small businesses instead of taking a balanced approach that also cuts spending is wrong. it's only going to make it harder for our economy to grow. if our economy doesn't grow, americans don't get new jobs. and the debt problem that we have will continue to threaten our children's future. as i said the day after the election the republicans are not seeking to impose our will on the president. we're seeking a bipartisan solution that can pass both chambers of congress and be signed into law by the president in the coming days. during the campaign
we want to listen to speaker boehner making comments right now on the fiscal cliff. >> small business owners are regular men and women from all backgrounds who in today's economy are facing challenges on a daily basis. the president's tax increase would be another crippling blow for them while doing little to nothing to solve the bigger problem here which is our national deficit and our national debt. this debt doesn't exist because we don't tax small businesses enough. it exists because...
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. >> tom, business investment was down 2.2% in the latest gdp report, and a lot of that is fiscal cliff tied to that. when do you see business investments starting to pick up, because we all kind of know the housing story, we know consumers kind of hung in. i think actually the next big upside could be a business investment, if it comes back but when does that come, in your opinion? >> it's a tricky question because there's two dynamics when we talk about business investment, it's capital spending which has a huge tech component, but it's also construction activity because it's building out the commercial infrastructure, health care, roads, et cetera, that associate with capital spending itself. companies can be cautious and we know there are multi, multidecade levels of cautiousness given their cash and where spending is and at some point pure replacement has to take over. that's really what sparked the recovery in housing, we were scrapping so many homes and you had organic growth. i think we're getting to the break point soon. >> tom, let me ask you about a couple of your picks befor
. >> tom, business investment was down 2.2% in the latest gdp report, and a lot of that is fiscal cliff tied to that. when do you see business investments starting to pick up, because we all kind of know the housing story, we know consumers kind of hung in. i think actually the next big upside could be a business investment, if it comes back but when does that come, in your opinion? >> it's a tricky question because there's two dynamics when we talk about business investment, it's...
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. >> for the first time, plan for massive spending cuts from going over the fiscal cliff warning business executives, the economy could take another hit if republicans decide to extend just to middle class tax cuts to avoid the cliff for now and come back next year with more leverage to tie spending cuts and medicare reform to another hike in the nation's debt ceiling. >> we're not going to play that game next year. if congress, in any way suggests they tie negotiations to debt ceiling votes, and take us to the brink of default again as part of a budget negotiioion, i will not play that game. >> republicans held their meeting with small business owners and denied they are trying to punt until next year. >> i'll be here. i'll be available at any moment to sit down with the president to get serious about solving the problem. >> they noted the president has not scheduled any meetings with g.o.p. leaders in weeks and not offered a counterproposal to boehner's plan from last week. >> frankly, it was the balanced approach the president's been asking for. we need a response from the white house.
. >> for the first time, plan for massive spending cuts from going over the fiscal cliff warning business executives, the economy could take another hit if republicans decide to extend just to middle class tax cuts to avoid the cliff for now and come back next year with more leverage to tie spending cuts and medicare reform to another hike in the nation's debt ceiling. >> we're not going to play that game next year. if congress, in any way suggests they tie negotiations to debt...
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cliff. but his actions have not matched his public statements. members of his own party seem quite comfortable with sending the economy over the fiscal cliff. >> the speaker's remarks riled the left and provoked this response from senate majority leader harry reid. >> he says that democrats have got to get serious about cuts, spending cuts. where is the disconnect, then? >> i don't understand his brain, so you should ask him. okay? >> with only a handful of legislative days left on the congress's calendar before the looming fiscal cliff becomes a raw reality, will the president and house gop find a way over the latest road black and back to the bargaining table? >> why did the white house decide to have this as their opening volley when they knew the response would be a negative one that they drew? >> was it hardball opening? yeah, of course it was. the question is, what's the counteroffer? >> i would imagine there has to -- tim geithner is too smart of a guy in this administration is filled
cliff. but his actions have not matched his public statements. members of his own party seem quite comfortable with sending the economy over the fiscal cliff. >> the speaker's remarks riled the left and provoked this response from senate majority leader harry reid. >> he says that democrats have got to get serious about cuts, spending cuts. where is the disconnect, then? >> i don't understand his brain, so you should ask him. okay? >> with only a handful of legislative...
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i'm disappointed in where we are, but going over the fiscal cliff is serious business. i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> house democratic leader nancy pelosi quickly dismissed boehner's remarks as a negotiating maneuver. >> i think they'll come around. it's a tactic. it's a tactic. >> reporter: you hear a strikingly similar message from other top democratic leaders saying the ball is in the republican's court. >> we are waiting for some specifics somewhere from our republican colleagues to show that they're serious on negotiations. >> reporter: as the country fast approaches the fiscal cliff, the two sides are talking past each other. democrats say they've laid down their marker, hiking tax rates on wealthier americans. and it's up to republicans to propose specific spending cuts they want to entitlement programs. however, republicans say they've offered a concession, putting revenue on the table. and they say it's now up to the president and his fellow democrats to feel some pain and proposed cuts in
i'm disappointed in where we are, but going over the fiscal cliff is serious business. i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> house democratic leader nancy pelosi quickly dismissed boehner's remarks as a negotiating maneuver. >> i think they'll come around. it's a tactic. it's a tactic. >> reporter: you hear a strikingly similar message from other top democratic leaders saying the ball is in the republican's...
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we'll and jeff solomon -- what other effects the fiscal cliff is having on business and investment. and reminder, here we go again, this is -- don't miss steve liesman's exclusive interview. >> read it, joe, it's what the company wants you to do. >> with treasury secretary tim geithner. liesman will be on at 4:00 he'll also have geithner. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. >>> welcome back to "squawk box," everyone. let's take a look at shares of walgreens. november same store sales fell by 6.2%. that is smaller than the 7.3% drop that analysts had been expecting. >>> and a big deal just made official moments ago, freeport mcmoran is buying two companies. the combined price about $20 billion. now owns about 31% of mcmoran exploration. take a look at that, up about 25% for plains exploration. >> mm-hmm. >>> and another company moving up its dividend, best b
we'll and jeff solomon -- what other effects the fiscal cliff is having on business and investment. and reminder, here we go again, this is -- don't miss steve liesman's exclusive interview. >> read it, joe, it's what the company wants you to do. >> with treasury secretary tim geithner. liesman will be on at 4:00 he'll also have geithner. [ male announcer ] this december, remember -- what starts with adding a friend... ♪ ♪ ...could end with adding a close friend. ♪ the lexus...
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and that's very consistent with the fiscal cliff weighing on business hiring and investment. machinery equipment in manufacturing employment was down. same with construction of nonresidential buildings. the strong retail numbers which have been strong for a couple months not just in november suggest the consumer has not been hit by the cliff. one other point about the hurricane impact, we don't know what the bureau of labor statistics considers substantial. according to ma ing ting t ingi 300,000 said they weren't working because of the weather and that's six times the normal level. >> to underscore the statistical significance, 86,000 was in the adp report affected by the hurricane. that's not within the statistical range with what they consider significant. it did have an impact and it may or may not have shown up. i think greg brings up a good point about the fiscal cliff and the break between consumer and corporate activity is very important. we saw the decline in investment in the third quarter very much related to fiscal cliff issues and concerns and delays on hiring an
and that's very consistent with the fiscal cliff weighing on business hiring and investment. machinery equipment in manufacturing employment was down. same with construction of nonresidential buildings. the strong retail numbers which have been strong for a couple months not just in november suggest the consumer has not been hit by the cliff. one other point about the hurricane impact, we don't know what the bureau of labor statistics considers substantial. according to ma ing ting t ingi...
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brian moynihan was talking about small businesses impacted by the fiscal cliff. i did an interview yesterday afternoon with someone who has done hundreds of channel checks and works in the same areas as you and warns me that he's seeing softness. take a listen. >> we're seeing now october, november little bit of a slowdown. it's due to post-election blues. fiscal cliff coming up. you had hurricane impact on the northeast when most of the companies report fourth quarter sometime in january i think they will probably see some sort of a modest slowdown versus that third quarter trend that we saw. >> let me take you specifically to a note out you have this morning on the cruise liners where you are talking about the trends there. the pricing there continuing to deteriorate at a time when royal caribbean is up 42% year-to-date. carnival up 19%. what do you make of that area now? should people sell? >> i guess i would say contrary to what your guest just said from bank of america, we are actually seeing weakening signs across all four sectors. we cover hospitality broa
brian moynihan was talking about small businesses impacted by the fiscal cliff. i did an interview yesterday afternoon with someone who has done hundreds of channel checks and works in the same areas as you and warns me that he's seeing softness. take a listen. >> we're seeing now october, november little bit of a slowdown. it's due to post-election blues. fiscal cliff coming up. you had hurricane impact on the northeast when most of the companies report fourth quarter sometime in january...
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cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> speaker boehner made very clear at his press conference that he thinks the ball is in your court and the president's court. he says democrats have got to get series about spending cuts. where is the disconnect? >> i don't understand his brain so you should ask him. okay? >> reid making those comments to our own kate bolduan. i'm joined by dan lothian. dan, we're learning more about the white house plan to deal with the fiscal cliff. break it down for us. >> reporter: right. this is the plan that secretary -- treasury secretary timothy geithner took up to capitol hill yesterday. it calls for $1.6 trillion in tax increases over a ten-year period more than republicans had anticipated. in addition to that, $400 billion in spending cuts that will come later. much of that not really specified. we're looking at entitlements such as medicare. and then the plan also includes $50 billion
cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> speaker boehner made very clear at his press conference that he thinks the ball is in your court and the president's court. he says democrats have got to get series about spending cuts. where is the disconnect? >> i don't understand his brain so you should ask him. okay? >> reid making those comments to our own kate bolduan. i'm joined by dan...
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there is that fiscal cliff worry out there, it's a real concern. there are the tax implications here and the profit-taking that's under way right now and i don't know that we're done with that and just in general a macro economic environment and so much of the apple story is still consumer products and there's pressure in those areas, comes right back to gross margins and what can the business model support right now. those are a lot of reasons why they're neutral. >> when do you get more positive given your latest checks are fairly favorable in terms of products, retail channels, it's clear that they have a pretty big moat when it comes to tablets. at what level do you get more positive? >> i think you're tempted technically and earnings power perspective as well as the dividend gets above 2% and i think that's attractive for many people. you're right, the holiday checks we've done, black friday and the commencement of the weekend through cyber monday all checked out favorably for apple. i think they're still the hottest going brand in town and th
there is that fiscal cliff worry out there, it's a real concern. there are the tax implications here and the profit-taking that's under way right now and i don't know that we're done with that and just in general a macro economic environment and so much of the apple story is still consumer products and there's pressure in those areas, comes right back to gross margins and what can the business model support right now. those are a lot of reasons why they're neutral. >> when do you get more...
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. >> yesterday the white house fiscal cliff proposal made top senate republican mitch mcconnell laugh, we are told. >> today the rhetoric continued. eamon javers breaks down all the hardball offers and the reactions in washington. over to you, eamon. >> hi, guys. we got a lot going on here in washington this week. a lot of horse trading. we dealt with a lot of the spee speech. the white house is saying they'd like to see $1.6 trillion in tax increases up front here. they'd like to continue the payroll tax credit. they want a permanent increase in the debt limit and a one-year extension of expanded jobless benefits. they want at least $50 billion in spending as a stimulus to the economy. that was the white house ask that prompted that laugh from mitch mcconnell when tim geithner gave it to him yesterday. today in an interview with "the wall street journal," mcconnell floated his own balloon of what he'd like to see. here are some of the elements. mcconnell saying they want changes to entitlement eligibility. they would agree to more tax revenue, yes, but not higher rates. only if they
. >> yesterday the white house fiscal cliff proposal made top senate republican mitch mcconnell laugh, we are told. >> today the rhetoric continued. eamon javers breaks down all the hardball offers and the reactions in washington. over to you, eamon. >> hi, guys. we got a lot going on here in washington this week. a lot of horse trading. we dealt with a lot of the spee speech. the white house is saying they'd like to see $1.6 trillion in tax increases up front here. they'd...
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you talk about the greek fiscal cliff. we have our own and people here say we could be the next greece. how does that make you feel when you hear that kind of talk from american politicians, american business people, american citizens? >> extremely worrisome because you represent 25% of the global economy whereas greece, which wasn't the cause of the european crisis, only represents 2% of the european gdp. so if you guys were to actually have such deep problems, then it would mean problems for everyone globally and no one would want that. i'm sure that you'll be able to find the right solution by the end of december. >> let us hope. mr. michalos, thank you very much. sue? >>> thank you, ty. two big winners in that $587 million record powerball lottery. but how much do you really need to earn to make you happy? the answer may surprise you. >>> and before you fill up your tank with gas, listen up. aaa is warning regulators to stop sales of a certain type of fuel at the pump because it could damage your car and void your car
you talk about the greek fiscal cliff. we have our own and people here say we could be the next greece. how does that make you feel when you hear that kind of talk from american politicians, american business people, american citizens? >> extremely worrisome because you represent 25% of the global economy whereas greece, which wasn't the cause of the european crisis, only represents 2% of the european gdp. so if you guys were to actually have such deep problems, then it would mean...
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but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious, as well. >> is this assessment of yours based on the meeting with secretary geithner or your phone call with president obama last night and you can tell us something about that knophone c? >> we had very nice conversation last night. it was direct and straightforward. but this assessment i give you today would be a product of both of those conversations. >> how much would you be open to the idea of discretionary spending cuts as part of a down payment to give to a longer range solution on entitlements and tax reform? >> there are a lot of options on the table, including that one. >> mr. speaker, before the election, you were asked whether if obama won taxes would have to go up. and you've made it sound like you would oppose that. now you're acknowledging that they will. >> the day after the election, i came here and made it clear that republicans would put revenue on the table as a way to begin to move the process to get this resolve
but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious, as well. >> is this assessment of yours based on the meeting with secretary geithner or your phone call with president obama last night and you can tell us something about that knophone c? >> we had very nice conversation last night. it was direct and straightforward. but this assessment i give you today would be a product of both of...
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. >> businesses of much more focused on washington, on the whole policy issues around the fiscal cliff because they are trying to figure out their spending plans guessing what taxes will be. businesses are focused on if they spend x and taxed at y what's that going to leave them in terms of profitability. degree of which businesses have come off a really good four years where the rest of us have come off a more problematic four years. finally in this quarter partly because of the fiscal cliff, partly because of europe, partly because of slow down in china profits are more challenging for companies. but they are still making a lot of money. >> "wall street journal" study of 40 major companies half plan drastic cuts to their investments and spending into next. once a budget deal is reached, i mean whatever it is, do you think we'll see companies loosen their wallet? is there a bigger chance they will slow down more? >> part of this is contingent how well consumers do. companies will spend money if there's this active healthy consumer base that justifies them spending money for more activ
. >> businesses of much more focused on washington, on the whole policy issues around the fiscal cliff because they are trying to figure out their spending plans guessing what taxes will be. businesses are focused on if they spend x and taxed at y what's that going to leave them in terms of profitability. degree of which businesses have come off a really good four years where the rest of us have come off a more problematic four years. finally in this quarter partly because of the fiscal...
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independent of all this jibber jabber over the fiscal cliff, the economy is in really rough shape now. >> it is. we're seeing businesses cut back, getting ready for the eventuality they see coming, no deal by december 31st this worsening. sam, how do you want to be invested in 2013? where is the growth in the economy coming from, if anywhere? >> i think the growth is coming from an improvement in the housing sector. i think we are starting to see a slowdown in the job loss from the government sector. so, i think we're going to be seeing a better than half speed recovery. so, you do want to be taking a balanced approach. we do favor the consumer discretionary at this point offsetting with health care. >> gentlemen, thank you. more breaking news coming away right now. thanks for your thoughts. appreciate it. >> we have the letter. let's get to eamon javers. >> this is the letter speaker boehner sent to the president of the united states. the language he's choosing is important to understand, as he draes the president. the speaker saying, after a status quo election in which both you and
independent of all this jibber jabber over the fiscal cliff, the economy is in really rough shape now. >> it is. we're seeing businesses cut back, getting ready for the eventuality they see coming, no deal by december 31st this worsening. sam, how do you want to be invested in 2013? where is the growth in the economy coming from, if anywhere? >> i think the growth is coming from an improvement in the housing sector. i think we are starting to see a slowdown in the job loss from the...
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i say fiscal cliff, david, you say? >> we have a short-term ficscal cliff. we need to deal with the fiscal cliff. have a credible down payment on the tax and spending side. bridge to a grand bargain next year. the fiscal cliff is the symptom. structural deficit is the disease. we need to learn from australia, canada, new zealand, sweden. we need to do it next year. >> all right. >> get dr. dave to washington right away so that we avoid what cramer on "meet the press" this weekend had great line. he said on january 8th when the reporting starts, there will be a foot race to fire people if we don't get this cliff taken care of which is why if we're going over the
i say fiscal cliff, david, you say? >> we have a short-term ficscal cliff. we need to deal with the fiscal cliff. have a credible down payment on the tax and spending side. bridge to a grand bargain next year. the fiscal cliff is the symptom. structural deficit is the disease. we need to learn from australia, canada, new zealand, sweden. we need to do it next year. >> all right. >> get dr. dave to washington right away so that we avoid what cramer on "meet the press"...
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do on whether or not people heard about the fiscal cliff. have you heard of it? comparing it to some of the other times people asked about news event, there's the trayvon martin shooting in the street, occupy wall street, 82%, facebook ipo 7 %, 70% of the republic has heard it compared to the fiscal crisis in greece, 63% had heard it. in that number 36% had read a lot about it or heard a lot about it. do they believe a solution is likely? our numbers different from other poles. americans are more optic. first of all see what they think, unlikely 73% back in november when we asked about the debt program would there be an agreement, 73% saying that, now 44%. the number you want to think is 4% to 44% thinks a solution is likely. who thinks it's likely, that's interesting and driving this number. he can break it down by party. look at what we find, republicans 52-42, independents, i come back here, there we go, independents 47-32 and it's really what you see here 60% of democrats think it's unlikely. i just want to show you again when we get to
do on whether or not people heard about the fiscal cliff. have you heard of it? comparing it to some of the other times people asked about news event, there's the trayvon martin shooting in the street, occupy wall street, 82%, facebook ipo 7 %, 70% of the republic has heard it compared to the fiscal crisis in greece, 63% had heard it. in that number 36% had read a lot about it or heard a lot about it. do they believe a solution is likely? our numbers different from other poles. americans are...
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but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> good morning. i'm mika brzezinski along here with joe scarborough, and this is "way too early." it's just "way too
but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> good morning. i'm mika brzezinski along here with joe scarborough, and this is "way too early." it's just "way too
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are worried about the fiscal cliff that's according to the fed's beige book out today what is the beige book anyway and who cares we'll tell you why it matters and word of the day let's get to today's capital account. when we talk about economic development or prospects on this show we typically talk about debt about private sector innovation we talk about monetary policy probably much of the time we talk about fiscal policy we don't often on this show talk about economic prosperity is primarily a function of political institutions but that's what our next guest thinks is the most crucial maybe we have it all wrong here at least if you believe political institutions play the role that james robinson does his research or a comparative economic and political development he's the david lawrence professor of government at harvard university and he is author of the book why nations fail so thank you for being on the show works i didn't have you wanted to talk about things from this perspective but one pleasure. yes so what role do political institutions in your view play in economic growth w
are worried about the fiscal cliff that's according to the fed's beige book out today what is the beige book anyway and who cares we'll tell you why it matters and word of the day let's get to today's capital account. when we talk about economic development or prospects on this show we typically talk about debt about private sector innovation we talk about monetary policy probably much of the time we talk about fiscal policy we don't often on this show talk about economic prosperity is...
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are worried about the fiscal cliff that's according to the fed's beige book out today what is the beige book anyway and who cares we'll tell you why it matters and word of the day let's get to today's capital account.
are worried about the fiscal cliff that's according to the fed's beige book out today what is the beige book anyway and who cares we'll tell you why it matters and word of the day let's get to today's capital account.
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cliff uncertainty could lead to an increase in mergers and acquisitions. they look to complete transactions by year end and i made a fool of myself the last hour trying to go all the way through. not doing it anymore. >> we do that all the time here. that's what we have three hours for. >> it was dumb. >> the name fiscal cliff where did that actually come from? >> i don't know. >> bernanke maybe. >> maybe. >> really? >> maybe bernanke. >> that thing really stuck. >> that's a good question. that's good trivia. i'll goog it. >> we've said it's not really. it doesn't happen really. it's more of a ski slope it's not a black diamond slope. it's more advanthan advanced. >> a double blue. >> but not without a lot of moguls. >> dan gilbert is the own of the cleveland cavaliers and the founder of quicken loans and you're the perfect person to have here because you have your finger on so many different things happening in detroit and around the country. let's start with the housing industry this morning because people have been trying to figure out if the resurgence
cliff uncertainty could lead to an increase in mergers and acquisitions. they look to complete transactions by year end and i made a fool of myself the last hour trying to go all the way through. not doing it anymore. >> we do that all the time here. that's what we have three hours for. >> it was dumb. >> the name fiscal cliff where did that actually come from? >> i don't know. >> bernanke maybe. >> maybe. >> really? >> maybe bernanke. >>...
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we talked about a lot of things including the looming fiscal cliff. talked about business concerns as you head into the end of the year and even what to expect in 2014. bank of america has 55 million customers here in america. they represent one out of every two households. so moynihan has a very good idea about what consumers are doing and if they spending less because of the fiscal cliff. here's what he had to say. >> i'm more about business behavior than consumer behavior. people continue to spend, housing is a little better. all the things that affect stock market are in decent shape. the question was will everything going on cause them on slow down again. >> what are you you see rg businesses right now? >> almost a year and a halving a go, businesses getting concerned about the nature of the dialogue about the fiscal situation? washington and in europe and the issues that had to be dealt with long term and how it affects near term business in terms of what would be accelerated appreciation for investment in business. what will be the final demand
we talked about a lot of things including the looming fiscal cliff. talked about business concerns as you head into the end of the year and even what to expect in 2014. bank of america has 55 million customers here in america. they represent one out of every two households. so moynihan has a very good idea about what consumers are doing and if they spending less because of the fiscal cliff. here's what he had to say. >> i'm more about business behavior than consumer behavior. people...
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but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> is this assessment -- is this assessment of yours based on the meeting with secretary geithner or your phone call with president obama last night and can you tell us something about that phone call? >> well, we had a very nice conversation last night. it was direct. and straightforward. but this -- this assessment i give you today would be a product of both of those conversations. >> how much would you be open to the idea of discretionary spending cuts as part of a down payment to get to a longer range solution on entitlements and tax reform. >> there are a lot of options that are on the table including that one. >> mr. speaker, before the election you were asked whether if obama won, taxes would have to go up. you've made it sound like you would oppose that. now you've -- you're acknowledging that they will. >> the day after the election, i came here and made it clear that republicans would put revenue on the table. as a
but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> is this assessment -- is this assessment of yours based on the meeting with secretary geithner or your phone call with president obama last night and can you tell us something about that phone call? >> well, we had a very nice conversation last night. it was direct. and straightforward. but this -- this assessment i give you...
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is this a reaction to the fiscal cliff? >> well, we started reducing our municipal debt a couple years ago when the recession was on and state governments were having a hard time. we just had too much. we had about $26 billion. now we're down to 13. i feel good at where we're at. we reduced it for four reasons. if you're loaning somebody money, right, you want to make sure they got income to pay you. you want to make sure they got decent balance sheet. you got to like the management team. you got to like governance. in many of these states, we didn't like all four of them. we thought they didn't have any money, weren't generating enough tax rev news, their governance was terrible. so we said, you know, we're just going to get smaller. >> hurricane sandy, big hit? >> $1.75 billion. about a quarter worth of earnings for us. i toured the damage yesterday. all the devastation you'd expect. i saw all the places. the interesting thing was what you don't see in those tapes are the american resilience. people pick themselves up and
is this a reaction to the fiscal cliff? >> well, we started reducing our municipal debt a couple years ago when the recession was on and state governments were having a hard time. we just had too much. we had about $26 billion. now we're down to 13. i feel good at where we're at. we reduced it for four reasons. if you're loaning somebody money, right, you want to make sure they got income to pay you. you want to make sure they got decent balance sheet. you got to like the management team....
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but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious, as well. >> all right. so once again, here are the cliff notes right here. republicans on the hill are demanding trillions of dollars worth of debt reduction. that's pretty much fine with democrats who say the wealthy should foot the bill in the form of higher tax rates. and therein lies the catch because the republicans want the savings of federal spending cuts. that dispute blocking efforts to keep rates from rising on everyone. as scheduled on january 1st. this is a so-called fiscal cliff. january 1st. our news makers representative jim clyburn of south carolina, number three democrat in the house of representatives and number one i'm sure to a lot of people. hello. how are you? >> hey, don. thank you so much for having me. >> thanks for coming on. is speaker boehner right, though? as the clock is ticking, ticking toward january 1st, the talks haven't progressed in two weeks. is he right? >> well, i don't know that i'm as disappoi
but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious, as well. >> all right. so once again, here are the cliff notes right here. republicans on the hill are demanding trillions of dollars worth of debt reduction. that's pretty much fine with democrats who say the wealthy should foot the bill in the form of higher tax rates. and therein lies the catch because the republicans want the savings of...
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up next, how the fiscal cliff debate affects your wallet, your business or your favorite toys for that matter. you're watching msnbc, the place for politics. ♪ (announcer) when subaru owners look in the mirror, they see more than themselves. so we celebrate our year-end with the "share the love" event. get a great deal on a new subaru and 250 dollars goes to your choice of five charities. by the end of this, our fifth year, our total can reach almost 25 million dollars. it's a nice reflection on us all. now through january 2nd. is bigger than we think ... sometimelike the flu.fer from with aches, fever and chills- the flu's a really big deal. so why treat it like it's a little cold? there's something that works differently than over-the-counter remedies. prescription tamiflu attacks the flu virus at its source. so don't wait. call your doctor right away. tamiflu is prescription medicine for treating the flu in adults and children one year and older whose flu symptoms started within the last two days. before taking tamiflu tell your doctor if you're pregnant, nursing. have serious hea
up next, how the fiscal cliff debate affects your wallet, your business or your favorite toys for that matter. you're watching msnbc, the place for politics. ♪ (announcer) when subaru owners look in the mirror, they see more than themselves. so we celebrate our year-end with the "share the love" event. get a great deal on a new subaru and 250 dollars goes to your choice of five charities. by the end of this, our fifth year, our total can reach almost 25 million dollars. it's a nice...
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fiscal cliff. first we hear from house speaker john boehner after meeting with treasury secretary tim geithner. that is followed by house democratic leaders after their meeting. then, senate democrats explain what they're looking for in negotiations with republicans. friday on "washington journal," a congressional this story and gives a history of the filibuster rule in the senate and explains the changes senate leader harry reid is pursuing. then austin tell us less starting at 7:00 eastern on c-span. -- washington journal is live at 7:00 eastern on c-span. >> we had 2000 flag officers and generals. today we had one dozen flak officers and generals. the ratio is out of whack. it is not a captain, and a battle of. we look at where we can not only save the money, but we can transfer responsibilities at of the pentagon and consolidate programs and serious significant amount of money. >> this weekend you can talk about tom coburn above the fiscal cliff and the republican party in "in the." on c-span 2
fiscal cliff. first we hear from house speaker john boehner after meeting with treasury secretary tim geithner. that is followed by house democratic leaders after their meeting. then, senate democrats explain what they're looking for in negotiations with republicans. friday on "washington journal," a congressional this story and gives a history of the filibuster rule in the senate and explains the changes senate leader harry reid is pursuing. then austin tell us less starting at 7:00...
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by telling cnbc the white house is prepared to go off the fiscal cliff, unless the republicans bend on taxes. comment by former democratic presidential candidate howard dean frightened republics that this debate is not just about raising taxes on the rich. >> the truth is, even needs to pay more taxes. not just the rich. that is a good start. we are not getting out of the deficit problem unless we raise taxes across the board and go back to what bill clinton have. >> some liberals pushed the president to raise the debt ceiling himself, claiming he has executive power through the 14th amendment. jay carney reveals today the white house studied that, does not believe the president has the power. that means we are headed for another major showdown with congress over the debt ceilin ceiling. >> bret: more with the panel. ed henry, thank you. republicans are losing one of the most conservative voices on capitol hill. south carolina senator jim demint surprised a lot of people today when he announced he is leaving the senate. but staying in washington to run the conservative heritage foundat
by telling cnbc the white house is prepared to go off the fiscal cliff, unless the republicans bend on taxes. comment by former democratic presidential candidate howard dean frightened republics that this debate is not just about raising taxes on the rich. >> the truth is, even needs to pay more taxes. not just the rich. that is a good start. we are not getting out of the deficit problem unless we raise taxes across the board and go back to what bill clinton have. >> some liberals...
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fiscal cliff negotiations appear to be going nowhere. today president obama will meet with members of the business round table. plus, on the economic calendar, the november adp report on employment is due at 8:15 eastern. u.s. equity futures at this hour are indicated higher. not much happened yesterday. it's wednesday, december 5th, 2012, and "squawk box" begins right now.
fiscal cliff negotiations appear to be going nowhere. today president obama will meet with members of the business round table. plus, on the economic calendar, the november adp report on employment is due at 8:15 eastern. u.s. equity futures at this hour are indicated higher. not much happened yesterday. it's wednesday, december 5th, 2012, and "squawk box" begins right now.
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i mean, unlike greece, whose fiscal profglasy has them where they are today. >> except that if we go over the cliff and given how tenuous this economic environment is right now, i mean, the message that sends to business leaders, employers, let alone the american people, is this place is not only ungovernable, it is dysfunction beyond dysfunction. >> a friend of mine, a wealthy california guy, a liberal, said, if you think they're going to trust you after you miss the january 1st deadline, they'll be no trust. they'll say, if you can't meet your own deadline, why would you meet anybody else's. >> and the markets, whether it's europe or american, are pricing in a solution. you see it really quite clearly. >> somebody was on -- mcmahon yesterday was wrong, they're not pricing a failure, they're pricing in a solution. thank you, chris kofinis, for that report from greece. jared bernstein, as always, thank you. >>> when we return, let me finish with the ghost of fiscal cliff yet to come. wait until you see this story. you're watching "hardball," the place for politics. [ woman ] ring. ri
i mean, unlike greece, whose fiscal profglasy has them where they are today. >> except that if we go over the cliff and given how tenuous this economic environment is right now, i mean, the message that sends to business leaders, employers, let alone the american people, is this place is not only ungovernable, it is dysfunction beyond dysfunction. >> a friend of mine, a wealthy california guy, a liberal, said, if you think they're going to trust you after you miss the january 1st...
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but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> we can debate at length whether the november 6th election was a mandate, but i don't think we can debate the basics that it was a work order, a work order from the american people to members of congress and to the president, roll up your sleeves, work together and solve the problems. we got the message. did speaker boehner get the message? because the message was work together. what we hear from him is all of his pain and frustration and angst dealing with the tea party in his own caucus. well, there comes a point when he needs to look beyond his caucus to the house and to the nation. >> all right. welcome back to "morning joe." >> i guess the more things change, the more they stay the same. it's depressing, you're right, harold, we've seen this movie before. this was a year ago. this happened a year ago. and i know the media says oh, it's the republicans' fault any time the house doesn't completely fold into what the pres
but going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> we can debate at length whether the november 6th election was a mandate, but i don't think we can debate the basics that it was a work order, a work order from the american people to members of congress and to the president, roll up your sleeves, work together and solve the problems. we got the message. did speaker boehner get the...
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going over the fiscal cliff is serious business and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> reporter: you had senate republican leader mitch mcconnell say after a meeting with geithner that he considered this is a step backward. and so all the rhetoric, all the talk here on capitol hill sounds pretty pessimistic at this point, guys. bill: we heard a little bit from chris van hollen. what is the latest reaction from democrats to republicans mike? melissa: democrats say if you don't like the president's plan, republicans where is your plan? where exactly are you going to generate more revenue. they're trying to draw the republicans out to put specifics out there in terms of what cuts they want to make to entitlements, feeling like that may hurt republican argument. bottom line, house democratic leader nancy pelosi says she thinks republicans will eventually see the light. melissa: why am i confident? because it is the right thing to do. the american people expect and deserve this to happen. it is only a decision. i
going over the fiscal cliff is serious business and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> reporter: you had senate republican leader mitch mcconnell say after a meeting with geithner that he considered this is a step backward. and so all the rhetoric, all the talk here on capitol hill sounds pretty pessimistic at this point, guys. bill: we heard a little bit from chris van hollen. what is the latest reaction from democrats...
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liz: taxes might not be only thing facing increases from the fiscal cliff. look on your screen. milk prices. could they double if we fail to reach a deal? we're live on a farm we details on that possibility >> i'm sandra smith with your fox business brief. stocks spent the day drifting between gains and losses as investors focused their attention on washington and the fiscal cliff negotiations. amr looking for more time to submit a bankruptcy restructuring plan. the airline along with its creditors has filed a request in a manhattan bankruptcy court to extend its exclusive right deadline to march 11th. earlier this year amr said it would prefer to exit as a stand-alone company but is discussing merger options. >>> long island power authority chairman howard steinberg has reportedly resigned from his post effective immediately. that is according to news day. steinberg's resignation is a latest in string of departures following the criticism of the utility's company performance in the wake of superstorm sandy. that is the latest from the fox business network, giving you the power
liz: taxes might not be only thing facing increases from the fiscal cliff. look on your screen. milk prices. could they double if we fail to reach a deal? we're live on a farm we details on that possibility >> i'm sandra smith with your fox business brief. stocks spent the day drifting between gains and losses as investors focused their attention on washington and the fiscal cliff negotiations. amr looking for more time to submit a bankruptcy restructuring plan. the airline along with its...
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. >>> the fight over the fiscal cliff is having an affect on small businesses right now. just as congress, the people running those businesses, they're not agreeing on a solution, but poppy harlow, she's got the perspective from the folks who are suffering. >> if any company, any business did the method of accounting as the government sdshgs we would be in jail. >> you sound like you've had it? >> yes, basically i have. >> debt is a cancer. that's what bob told me when we met him at his limousine company in freehold, new jersey. stoo here's the reservations. staffed 24 hours a day. >> reporter: he started the business back in 1984. today he has a staff of 75. 53 cars. one big question. >> i just want congress to tell me to come up with what the boundaries are so i know -- i know how to run my business. i know how to plan. >> he has laid off four employees in the last six months. he says the business made it through the stock market crash of 1987, the savings and loan crisis, and 9/11 with no decline in revenue until the financial crisis of 2008 and now this. >> could more
. >>> the fight over the fiscal cliff is having an affect on small businesses right now. just as congress, the people running those businesses, they're not agreeing on a solution, but poppy harlow, she's got the perspective from the folks who are suffering. >> if any company, any business did the method of accounting as the government sdshgs we would be in jail. >> you sound like you've had it? >> yes, basically i have. >> debt is a cancer. that's what bob told...
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two days after the republican fiscal cliff counter offer, both sides are coming out swings. speaker john boehner defended his proposal this morning, adopting a page from the dem's fairness playbook. >> the revenues we're putting on the table are going to come from, guess who? the rich. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue than raising
two days after the republican fiscal cliff counter offer, both sides are coming out swings. speaker john boehner defended his proposal this morning, adopting a page from the dem's fairness playbook. >> the revenues we're putting on the table are going to come from, guess who? the rich. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue than raising
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back, probably in part because of the uncertainty over the fiscal cliff. that should really be seen as a great opportunity. if people have a kumbaya moment, sit down and get things fixed, we could probably expect a real celebration in the business sector because it looks like the consumer sector is strong and solid. >> kevin hasset, thank you very much. we appreciate it. >>> more perspective on the day's job report. >>> more about the fiscal cliff now. >>> travel worries, potential budget cuts could ground your flight. when it comes to the financial obstacles military families face, we understand. at usaa, we know military life is different. we've been there. that's why every bit of financial advice we offer is geared specifically to current and former military members and their families. [ laughs ] dad! dad! [ applause ] ♪ [ male announcer ] life brings obstacles. usaa brings advice. call or visit us online. we're ready to help. pretty sweet, huh? cute. but don't you have any apps on your phone that can make your life easier? who do you think i am, quic
back, probably in part because of the uncertainty over the fiscal cliff. that should really be seen as a great opportunity. if people have a kumbaya moment, sit down and get things fixed, we could probably expect a real celebration in the business sector because it looks like the consumer sector is strong and solid. >> kevin hasset, thank you very much. we appreciate it. >>> more perspective on the day's job report. >>> more about the fiscal cliff now. >>>...
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the fiscal cliff is getting close now. it's just a month away. with fears of the tax hike coming, some businesses are scrambling to make a big profit before december 31st. now, obviously holiday shopping will help with that. but many are saying that's just not enough. deal makers and their clients are hustling to sell stocks and even entire companies, all in an effort to get that money in their pockets before the new year. this week, secretary of state hillae clinton is joining in on the conversation, calling it an issue of national security. >> that's because if congress fails to pass a budget deal in the next 31 days we could see dangerous consequences, not only for the u.s. standing in the world but, also for the entire global economy. clinton spoke with the brookins institute yesterday and said while europe does need to fix its own props, much of the -- problems, much of the burden is on washington to build stronger foundationsats home. house speaker boehner said yesterday that he was seeing no progress in negotiations but the democrats, they
the fiscal cliff is getting close now. it's just a month away. with fears of the tax hike coming, some businesses are scrambling to make a big profit before december 31st. now, obviously holiday shopping will help with that. but many are saying that's just not enough. deal makers and their clients are hustling to sell stocks and even entire companies, all in an effort to get that money in their pockets before the new year. this week, secretary of state hillae clinton is joining in on the...
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as for the stock market, closing higher after treasury secretary headed to capitol hill for fiscal cliff negotiations. as for bloomberg silicon valley index, it ended up, as well. getting back to daily deals, there is a business that is troubled and another company, living social. it just laid off about 400 employees, roughly 10 percent of its total work force. this comes after amazon took $169 million write down last quarter in it's stake. >>> we've seen scattered showers throughout the day but only the beginning of what is to come. >> some in is little bit of a lull. >> absolutely. that is going to spell trouble. winds over the higher terrain, gusting 40-50 miles an hour. here is a live picture. you can see a wet and windy scene there. the vein steady in the north bay. i want to show you live doppler 7-hd. you will see it's pretty widespread. let me take you in closer and shoe you where it is range from ukiah down to cloverdale. the rain ahead of the storm down to street level. river road, fountain grove parkway, rainfall right now but it's light. stronger winds are coming for the morn
as for the stock market, closing higher after treasury secretary headed to capitol hill for fiscal cliff negotiations. as for bloomberg silicon valley index, it ended up, as well. getting back to daily deals, there is a business that is troubled and another company, living social. it just laid off about 400 employees, roughly 10 percent of its total work force. this comes after amazon took $169 million write down last quarter in it's stake. >>> we've seen scattered showers throughout...
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but going over the fiscal cliff is serious business, and i'm here seriously trying to resolve it and i would hope the white house would get serious as well. >> is this based on your meeting with secretary geithner or your phone call with president obama last night. could you tell us something about that phone call? >> well, we had a very nice conversation last night. it was direct. and straightforward. but this assessment i give you today would be a product of both of those conversations. >> how much would you be open to the idea of discretionary spending cuts as part of a down payment to get to a longer range solution on entitlements and tax reforms? >> there are a lot of options on the table including that one. >> before the election you were asked whether if obama won taxes would have to go up. i are acknowledging that they will. >> the day after the election i came here and made it clear that the republicans would put revenue on the table as a way to begin to move the process to get this resolved. >> my question is, what message do you have for people who look at the negotiating
but going over the fiscal cliff is serious business, and i'm here seriously trying to resolve it and i would hope the white house would get serious as well. >> is this based on your meeting with secretary geithner or your phone call with president obama last night. could you tell us something about that phone call? >> well, we had a very nice conversation last night. it was direct. and straightforward. but this assessment i give you today would be a product of both of those...
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fiscal cliff or november's job numbers could be an anomaly and data thrown out the window in next month he a report. we have to see. >>> speaking of workers, ibm, a company at the forefront of employee benefits is overhauling the retirement benefits program, like many companies out there, they match employee 401(k) contributions 6 to 8% of pay every pay period. now the company says it is switching the matches it makes to once a year, so the amount employees get from ibm isn't changing but the workers that leave before december 15 matching date won't get their payment for the year. look out for companies to follow that move with similar ones of their own in attempt to save on employee benefits. be careful when you decide to leave the company you work for. bad timing could cost you. for more detailed coverage, tune into "your money" saturday at 1:00 p.m. eastern. paired with savory garlic shrimp. just $12.99. come into red lobster and sea food differently. and introducing 7 lunch choices for just $7.99. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to he
fiscal cliff or november's job numbers could be an anomaly and data thrown out the window in next month he a report. we have to see. >>> speaking of workers, ibm, a company at the forefront of employee benefits is overhauling the retirement benefits program, like many companies out there, they match employee 401(k) contributions 6 to 8% of pay every pay period. now the company says it is switching the matches it makes to once a year, so the amount employees get from ibm isn't changing...
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about the fiscal cliff. host: and in the washington post is a picture of three c.e.o.'s coming out of the white house. this is patricia wuertz, she is the chief executive of archer daniel's midland. emmett fraser of merck and another person walking out. we're going to move onto william in maryland on our republican line. hi, william. caller: gorn. i love watching c-span, i'm a first time caller. host: welcome. caller: thank you. i'm not the greatest at this, but i can tell you as an african-american republican, who is a home owner association's president for his community of 339 homes, and someone who works in security, and someone who volunteers at least 40 hours a week on his community, there is a issue with us as americans and picking up slack. we put too much on the federal government to do. we as people need to stand more for each other and help each other. and i guarantee you if we took the money out of the politics, and we as the people stood together with one another and helped each other as in the c
about the fiscal cliff. host: and in the washington post is a picture of three c.e.o.'s coming out of the white house. this is patricia wuertz, she is the chief executive of archer daniel's midland. emmett fraser of merck and another person walking out. we're going to move onto william in maryland on our republican line. hi, william. caller: gorn. i love watching c-span, i'm a first time caller. host: welcome. caller: thank you. i'm not the greatest at this, but i can tell you as an...
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business. i think they can just sit there and he can say, so, governor romney, what are your thoughts on the fiscal cliff. >> it doesn't matter. they're going to sit there for, what, 90 minutes, 30 minutes, 15? >> 90 minutes is excruciating. >> 90 minutes with mitt romney regardless of the person who's there would be pretty awkward. >> i think it's a good thing. i don't care what you all think anymore. >> he's over us. >> i do care about the 47 million people -- or 47% who voted for romney. i do care about you guys, right? that's cool. >>> up next, what women stand to lose in the fiscal fiasco. now president terry o'neill is in the guest spot. [ male announcer ] when a major hospital wanted to provide better employee benefits while balancing the company's bottom line, their very first word was... [ to the tune of "lullaby and good night" ] ♪ af-lac ♪ aflac [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. [ yawning sound ] try this... bayer? this
business. i think they can just sit there and he can say, so, governor romney, what are your thoughts on the fiscal cliff. >> it doesn't matter. they're going to sit there for, what, 90 minutes, 30 minutes, 15? >> 90 minutes is excruciating. >> 90 minutes with mitt romney regardless of the person who's there would be pretty awkward. >> i think it's a good thing. i don't care what you all think anymore. >> he's over us. >> i do care about the 47 million people...